Aktia reported a weak Q1 and launched a strategic acceleration programme to reach its long-term targets. We believe it is too early to see an impact in Q2 and do not think the CEO change has helped in the near term. Our focus will be on the performance of the fund business, given its weak Q1 performance. We forecast a drop in loan loss provisions after the elevated Q1 level. We expect falling interest rates to have continued to weigh on NII.

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